Market Updates
U.S. Movers: Bank of America, China ADRs, KB Home, Progress Software, SAP
Scott Peters
25 Sep, 2024
New York City
SAP SE declined 2.5% to $225.27 after the German software company's chief financial officer confirmed in an interview with CNBC that the company is being investigated by the U.S. Department of Justice for alleged price-fixing practices.
KB Home declined 3.9% to $83.99 after the home builder reported weaker-than-expected results in its latest quarter.
Progress Software surged 12% to $64.01 after the insurance company reported better-than-expected adjusted earnings and revenue in the fiscal third quarter.
Bank of America Corp. declined 0.5% to $39.27, and Warren Buffett-controlled Berkshire Hathaway continued to reduce its holding in the bank.
Berkshire Hathaway has now sold $9 billion of Bank of America's stock and lowered its holding to 10.5%.
China-linked ADRs were in focus for the second day in a row after the People's Bank of China announced additional measures to support economic expansion.
The central bank lowered its one-year loan prime rate, used for loans to financial institutions, by 30 basis points to 2.0%.
JD.com decreased 3.5% to $32.70, Tencent Holdings dropped 1.6% to $52.60, and Alibaba Group declined 2.2% to $95.05.
Artificial intelligence-linked stocks advanced amid growing speculation that the demand is running ahead of the supply.
Nvidia increased 2.2% to $123.41, Qualcomm edged up 0.1% to $167.30, AMD added 0.8% to $159.56, and Micron Technology edged higher 0.9% to $94.84.
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